Thule Group Ab · OMXSTO:THULE

Thule Group Ab — Q1 2025 Earnings Presentation

21 slides from Thule Group Ab's earnings presentation, Apr 29, 2025

1. Slide 1: 2025/Q1 Report

   2025/Q1 Report April 29, 2025 Mattias Ankarberg, CEO Toby Lawton, CFO

2. Slide 2: Thule growing despite weak North America

   2025/Q1 – Thule growing despite weak North America Financials  Sales of SEK 2,662m (2,420) +10% vs PY − Weak market in North Am and cautious behavior across the world − Organic growth -3% with North Am -13%, Europe 0% − Growth from new Thule products and new product categories, including acquired Q

3. Slide 3: Continued profitable growth

   2025/Q1 – Continued profitable growth Net sales 12,000 EBIT 2,500 SEK m SEK m 10,000 2,000 2024 8,000  Net sales SEK 9.5b 1,500  EBIT SEK 1.6b 6,000  EBIT margin 17.0% 1,000 2025/Q1 LTM 4,000  Net sales SEK 9.8b  EBIT SEK 1.6b 500 2,000  EBIT margin 16.5% 0 0 2014 2015 2016 2017 2018 2019 2020

4. Slide 4: New Thule products and categories add growth (1/2)

   2025/Q1 – New Thule products and categories add growth (1/2) Sport & Cargo Carriers – new Thule products add growth  2025/Q1 Net sales -2%, organic -2%  Growth from bike related and new Thule products − Good sales growth from upgraded bestselling bike carriers Thule Easyfold gen 3 and North Americ

5. Slide 5: New Thule products and categories add growth (2/2)

   2025/Q1 – New Thule products and categories add growth (2/2) Active with Kids & Dogs – new categories add growth  2025/Q1 Net sales -5%, organic -6%  Sales decline driven by cautious retailers after US tariff announcements – continued sales momentum on thule.com  New Thule product categories perf

6. Slide 6: Good first full quarter together with Quad Lock

   Good first full quarter together with Quad Lock  Thule entered performance phone mounts through acquisition 2024/Q4 − Many new Thule product categories historically entered through acquisitions − Acquired Quad Lock is global market leader in performance phone mounts  Successful first full quarter

7. Slide 7: Changes made in North America

   Changes made in North America Changes made in North America – further strengthened our ability to drive profitable growth in a weak market  New sales organization − New dedicated sales organization for North America as of 2024/Q4 − Closing satellite office that came with acquisition of Case Logic 2

8. Slide 8: Recognition for product design continues

   Recognition for product design continues Seven new awards from iF Design in 2025  Thule ReVert – high-capacity, vertical hitch bike rack for core MTB riders and families, securely transporting up to six bikes with dual TiltAssist to simplifying loading and unloading  Thule Easyfold 3 – sets a new

9. Slide 9: Sales overview

   2025/Q1 – Sales overview Product categories Geographical regions Sport & Cargo Carriers 50% (56) Europe 71% (73) RV Products 20% (22) North America 21% (21) Bags & Mounts 18% (9) Rest of world 8% (6) Active with Kids & Dogs 12% (13) 9

10. Slide 10: Income statement

    2025/Q1 – Income statement Q1 Q2 Q3 Q4 FY Q1 LTM SEKm 2024 2024 2024 2024 2024 2025 2025 Net sales 2,420 3,099 2,344 1,678 9,541 2,662 9,783 Cost of goods sold -1,425 -1,723 -1,339 -980 -5,467 -1,471 -5,513 Gross i ncome 996 1,375 1,006 698 4,074 1,192 4,270 Gross margi n, % 41.2 44.4 42.9 41.6 42.7

11. Slide 11: Cash flow

    2025/Q1 – Cash flow Q1 Q2 Q3 Q4 FY Q1 SEKm 2024 2024 2024 2024 2024 2025 Cash flow from operations before changes in working capital 390 628 333 190 1 541 226 - Changes in inventories 173 318 221 -220 492 -49 - Changes in receivables -585 -176 588 286 112 -674 - Changes in liabilities 112 109 -187 1

12. Slide 12: Net debt and Net debt:EBITDA

    2025/Q1 – Net debt and Net debt:EBITDA Net debt - SEKm Net debt:EBITDA 5,000,000 4,0 4,500,000 3,5 4,000,000 3,0 3,500,000 2,5 3,000,000 1,94 2,500,000 1,78 1,83 2,0 1,70 1,51 1,53 1,50 2,000,000 1,5 1,14 1,500,000 1,0 1,000,000 0,59 0,5 500,000 0,22 0 0,0 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q

13. Slide 13: Focus 2025 – drive long-term growth strategy in a tough market

    Focus 2025 – drive long-term growth strategy in a tough market Well positioned in a tough market  Weak North American market and cautious behavior across the world, expected to continue  Thule is well positioned: global market leaders in our key categories, premium products to enthusiast consumers

14. Slide 14: High launch pace continues 2025

    High launch pace continues 2025  Upgraded versions of our best sellers  Thule Force 3 – upgrading our best mid-price roof top box  Thule Verse – North Am. bike carrier with modern aesthetic  Thule Easyfold 3 – updating our most sold bike carrier  Thule Glide 3 – our award-winning running stroll

15. Slide 15: Thule Cappy – crash tested dog harness

    Thule Cappy – crash tested dog harness 15

16. Slide 16: Thule Force – upgrading our best mid-price roof top box

    Thule Force – upgrading our best mid-price roof top box 16 2023-10-27 Thule Group Q3 Report 2023 Investor- and analyst presentation

17. Slide 17: Thule Verse – upgrading our best-selling North Am bike carrier

    Thule Verse – upgrading our best-selling North Am bike carrier 17 2023-10-27 Thule Group Q3 Report 2023 Investor- and analyst presentation

18. Slide 18: Ready for high season

    Ready for high season  New Thule products drive growth also in a tough market  More thule.com DTC countries and new marketing campaigns  Peak production period and high energy throughout organization 18

19. Slide 19: Q&A

    Q&A 19

20. Slide 20: Disclaimer

    Disclaimer  This presentation has been prepared by Thule Group AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute

21. Slide 21: THULE

    THULE

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